HomeMy WebLinkAbout1/5/2005 - STAFF REPORTS (17) RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE
ADOPTION OF THE VANTAGECARE RETIREMENT
HEALTH SAVINGS (RHS) PROGRAM, PLAN
NUMBER 800957, THE FIRE SAFETY UNIT, AND
THE GENERAL UNIT.
WHEREAS, the City of Palm Springs ("Employer") wishes to recognize members of
employee organizations, and
WHEREAS, the establishment of a retiree health savings plan for employees serves the
interests of the Employer by enabling it to provide reasonable security regarding such
employees' health needs during retirement, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of
competent personnel; and
WHEREAS, the Employer has determined that the establishment of the retiree health
savings plan (the "Plan") for the employee units named above serves the above
objectives;
NOW THEREFORE BE IT RESOLVED that the assets of the Plan shall be held in trust,
with the Employer serving as trustee, for the exclusive benefit of Plan participants and
their beneficiaries, and the assets of the Plan shall not be diverted to any other purpose
prior to the satisfaction of all liabilities of the Plan. The Employer has executed the
Declaration of Trust of the City of Palm Springs (name of Employer) Integral Part Trust in
the form of the model trust made available by the ICMA Retirement Corporation.
BE IT FURTHER RESOLVED that the City of Palm Springs' Director of Finance &
Treasurer shall be the coordinator and contract for the Plan and shall receive necessary
reports, notices, etc.
ADOPTED this day of 2005
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED &APPROVED as to form
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